Stocks at Nigeria’s OTC Market Open Week Bearish

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Modupe Gbadeyanka Oyo State government has been commended by stakeholders in the education industry for its firm approach towards reclaiming the lost glory of the state education sector as well as improving its quality to meet new and higher performance targets saying that the new education policy was a positive step in the right direction. The stakeholders, who were part of the guests at the Town Hall Meeting held at the International Conference Center, University of Ibadan on Thursday where the new education policy was launched by Governor Abiola Ajimobi, said that government’s resolution to create Schools Governing Boards

By Dipo Olowookere A diversified FinTech holding company, GH Capital, has announced the intention of its online payment service subsidiary, ClickDirectPay, to actively exploring the concept of utilizing blockchain capabilities as part of its core offering, providing a financial platform that is universally accessible, regardless of country or currency. As the popularity and growing demand for cryptocurrency increases, organizations offering payments and acquiring solutions will also gradually produce alternative solutions and approaches. Chief Executive Officer of GH Capital, Mr Wolfgang Ruecker, stated that, “ClickDirectPay is looking to extend its reach of serviceability on a global scale. “Currently, ClickDirectPay is only

By Adedapo Adesanya Oil prices made an average three percent recovery last week as major futures ended the week pointing up as demand improved around possibilities that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies will come through with the production cuts a technical committee recommended during its meeting two weeks ago. Also, prices were driven up as investors looked to draw up an optimistic approach despite the worsening case of the coronavirus, now named COVID-19, with the market faced with a lot of bearish outcomes into two months this year. Brent, the International crude settled at

By Modupe Gbadeyanka The Nigerian Communications Commission (NCC) has denied allegations that it was tracking phone conversations of Nigerians. In a statement signed by its Director of Public Affairs, Mr Reuben Muoka, on Tuesday, the agency said the law does not give it the powers to monitor discussions of citizens via telephones. Over the weekend, an online news platform released a purported phone conversation between the presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, and the General Overseer of Living Faith Chapel, also known as Winners’ Chapel, Mr David Oyedepo. In the said

By Dipo Olowookere In an effort to reduce the operating expenses (OPEX) of the company, the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, has said he will agree to slash his salary by 40 percent. Mr Wigwe, in a video making the rounds where he had a chat with employees of the financial institution, said he will expect other members of staff of the organisation to accept cuts in their salaries. An analysis by Business Post showed that in the 2019 financial year, Access Bank spent about N76.9 billion as personnel costs, below FBN Holdings and Zenith

By Dipo Olowookere A group of journalists and media practitioners under the umbrella of the Association of Online Media Practitioners of Nigeria (AMPON) has called on government to extend the palliatives support to the journalists working tirelessly to gather information for public consumption despite the global health crisis. The novel Coronavirus pandemic has left many individuals, businesses, and even countries incapacitated and the role the media; journalists and broadcaster, played in day-to-day activities cannot be an oversight. Some media practitioners, just like the health workers on the frontline fight the virus, have lost their lives and have been infected. As

By Dipo Olowookere The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Friday announced the retention of its Monetary Policy Rate (MPR) at 13.5 percent. This announcement was made by Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen in Abuja on outcome of the two-day meeting of the MPC, which started yesterday. According to the apex bank chief, the committee decided to leave the benchmark interest rate unchanged in order to monitor developments in both the global and local spaces. The central bank further said the MPC agreed to leave the asymmetric corridor at

By Dipo Olowookere The management of NASCON Allied Industries Plc, a company under Dangote Group, has expressed optimism that the new plant in Lagos will result into more revenue for the company. Recently, the company held talks with the host community in Apapa, where residents were assured that the new multi-billion naira factory will boost economic activities in the area and employment opportunities. Managing Director of NASCON, Mr Paul Farrer, who was represented by the Chief Financial Officer, Mrs Aderemi Saka, urged the community to see the new plant as a partner in progress and ensure that the relationship is